Gold: In a sideways channel
In the charts of late, Gold is seen trading in a sideways manner. The precious metal's value is around $1,461 per Oz in Asia.
The trendlines connecting Nov. 12 and Nov. 26 lows and Nov. 20 and Dec. 4 highs attest to the reading.
Should there be a confirmation of a channel breakdown, a resumption of the sell-off from highs above $1,500 would be seen. This in effect would open the doors for the 200-day average at $1,406. Currently, the lower edge is at $1,454.
As a breakdown is a possibility, the bears might take the upper hand. This is evidenced through the 50- and 100-day moving averages.
Also in the forecast is the Federal Reserve rate cut in 2020. As such, a range breakdown would prove slippery should the planned U.S. tariff hike on $160 billion of Chinese imports would happen on Sunday. In turn, this will boost haven demand for gold.
http://lexatrade.com/news/gold-in-a-sideways-channel
Leave Gold: In a sideways channel to:
Best Posts From criptonizer
We have not curated any of criptonizer's posts yet. But you can encourage our curation team to review posts by visiting them regularly and by referring other readers. Because we give priority to frequently read content.
More Posts From criptonizer
- Singapore Q3 unemployment rate peaks at 2.3% in ten years
- Japan Display in talks to receive $830 million support from Ichigo
- Westpac scandal pulls Australian shares down; NZ gains
- Australia’s Central Bank sees China slowing down to 3% by 2030
- Federal Reserve keeps rates level, signals a pause in 2020
- EUR/USD pressured by trade uncertainty
- Tighter election poll makes GBP/USD pair apprehensive, consolidates losses around 1.3150
- Oil prices drop due to surprise hike in US crude stocks
- Gold: In a sideways channel
- GBP/USD promising with multi-month highs; Conservatives victory in the cards